CBN/Commercial Banking - Abia ThinkTank News

Mar

2024

CBN Clears All Fx Backlogs As External Reserves Rise To $34.11 Billion

CBN/Commercial Banking, Economy, News Flash

CBN Clears All FX Backlogs As External Reserves Rise To $34.11 Billion The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed the settlement of all valid FX backlog claims. She said the CBN engaged Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured. “Any invalid transactions were referred to the relevant authorities for further investigation,” she stated. This development comes just as the external…

Mar

2024

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By Abia ThinkTank

Nigerian Banks Announce Fresh Requirement For Customers Forex Request

CBN/Commercial Banking, Business, News Flash

Nigerian Banks Announce Fresh Requirement For Consumers Seeking Forex Nigerian banks said evidence of a recent three-year tax clearance certificate is now a prerequisite for banks’ consumers seeking foreign exchange Standard Chartered Bank disclosed this in a recent notification to customers. Accordingly, the bank said customers applying for forex transactions through ‘Form A’ must now provide three years of TCC, effective April 1, 2024. Other commercial banks, such as Fidelity Bank and Stanbic IBTC, have earlier released similar circulars for their customers. This requirement applies to new and existing Form A applications processed on the Central Bank of Nigeria’s CBN…

Mar

2024

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By Abia ThinkTank

Senate Passes Student Loan Bill

National Assembly, CBN/Commercial Banking, Education, News Flash

Senate Passes Student Loan Bill The Senate has passed the Student Loan, Access to Higher Education, Act 2024. The senate’s resolution followed its consideration of the report of the senate committee on tertiary institutions and TETFUND. The chairman of the committee, Senator Muntari Dandutse presented the report during plenary. Last week, President Bola Tinubu transmitted the Bill to the National Assembly for its consideration and passage. The Upper Legislative chamber had given the Bill an accelerated hearing by suspending relevant sections of its standing rules and referred the Bill to the Committee of the Whole for consideration. After debate on…

Mar

2024

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By Abia ThinkTank

Naira Appreciation Continues As USD Supply Surges At Forex Market

Business, CBN/Commercial Banking, Economy, News Flash

Naira Appreciation Continues As USD Supply Surges At Forex Market The Naira continued its appreciation against the US Dollar at the foreign exchange market as USD transactions surged. FMDQ data showed that the Naira appreciated to N1,572.82 per USD upon resumption of trading on Monday compared to 1,602.75 on Friday. The figure represents N29.93 appreciation compared to the N1602.75 it traded on Friday. Similarly, this is first since March 5, 2024, that the country’s currency crossed to N1,572.82 per USD mark from an average of N1,600 per USD. This is because USD transactions surged 2.20 per cent, reaching $140.45 million…

Mar

2024

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By Abia ThinkTank

FGN Postpones Students Loan Launch Indefinitely

CBN/Commercial Banking, Education, News Flash

FG Postpones Students Loan Launch Indefinitely The Federal Government has postponed the launch of the Nigerian Students Loan Scheme indefinitely. The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, made this known during an interview with ARISE NEWS on Tuesday. In June 2023, President Bola Tinubu signed a bill to start a Students Loan Fund that would give interest-free loans to Nigerians for higher education. A former Speaker of the House of Representatives, Femi Gbajabiamila, proposed the bill and it was supposed to start between September and October 2023. Meanwhile, Tinubu said the programme would begin in January…

Mar

2024

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By Abia ThinkTank

U.S. Court Gives Fresh Orders To Finance Founder Money Laundering Charges

CBN/Commercial Banking, Crime, Economy, News Flash, World News

U.S. Court Gives Fresh Orders To Binance Founder Over Money Laundering A U.S. district court has ordered that Binance founder Changpeng Zhao must surrender his Canadian passport and notify the court before travelling within the country. This comes after U.S. District Judge, Honorable Richard A. Jones restricted the bond conditions of Binance founder. The court ordered the businessman to surrender all valid and expired passports. The documents are to be transferred to a person his lawyers will hire, who will accompany the Binance founder on all trips where a passport may be needed. He must also notify the relevant authorities…

Mar

2024

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By Abia ThinkTank

N30 Trillion Ways And Means Payment: Akpabio Charge Adhoc Committee To Go After Everyone

CBN/Commercial Banking, Economy, National Assembly, News Flash

Payment Of N30 Trillion Ways And Means: Go After Everyone, Akpabio To Ad-hoc Committee The President of the Senate, Senator Godswill Akpabio has charged the Committee members investigating the payment of N30 trillion “Ways and Means” secured from the Central Bank of Nigeria, CBN by the immediate past government in the last 10 years not to leave any stone unturned as they must go after those involved. Speaking on Monday in Abuja while inaugurating the 17- member ad-hoc Committee that is probing the humongous N30 trillion ‘Ways and Means’, which was released as loan to the Federal Government during the…

Mar

2024

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By Abia ThinkTank

President Tinubu To Launch Students Loan Scheme Thursday – Presidency

Abuja, CBN/Commercial Banking, Economy, Education, News Flash

Tinubu To Launch Students Loan Scheme Thursday — Presidency President Bola Tinubu will launch the Student Loan Scheme on Thursday, March 14, 2024. The Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, disclosed this when he spoke on TVC’s Politics on Sunday monitored by PUNCH Online. On the programme titled ‘Counting the Cost of Presidents Tinubu’s Reforms,’ Ngelale highlighted some of the President’s welfare initiatives being implemented at the moment, saying, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.” “This is a major form of obligation reduction for Nigerians…

Mar

2024

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By Abia ThinkTank

Nigeria Back On Track Economically – Tony Elumelu Hails MPC Decision

CBN/Commercial Banking, Columns/Opinions/Letters, Economy, News Flash

Nigeria back on track economically – Tony Elumelu hails MPC decision Tony Elumelu, the Chairman of the United Bank for Africa (UBA), has asserted that Nigeria is moving in the right economic direction, citing the decisions made by the Central Bank of Nigeria (CBN) at its recent Monetary Policy Committee (MPC) meeting on February 27. During the meeting, the CBN implemented a tightening policy by raising the Monetary Policy Rate (MPR) by 400 basis points, elevating it from 18.75 per cent to 22.75 per cent. In an interview on Thursday, the business magnate expressed cautious optimism, stating that Nigeria is…

Mar

2024

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By Abia ThinkTank

Binance Set To Exit The Nigerian Market, Ceases Provision Of Services In Local Currency.

CBN/Commercial Banking, Business, Economy, News Flash

🚨BREAKING Binance Set To Exit The Nigerian market, Ceases Provision Of Services In Local Currency. ●Details 👇The platform has informed users that any remaining NGN balances will be automatically converted to Tether (USDT) stablecoin after March 8. Users are advised to withdraw, trade their NGN assets, or convert them into cryptocurrency before this deadline. In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily. Moreover, NGN will no longer be a supported payment method across Binance's range of services.